Wesley Grainger-Smith, 66, was sentenced to two years and four months in prison at Lincoln Crown Court last week.Grainger-Smith, from Winthorpe, had previously admitted to five counts of fraudulently removing company property during an earlier hearing. Reports Contract Journal
Investigations by the Insolvency Service also uncovered approximately £570,000 in cash deposits returned to the companies. Officials believe this may align with Grainger-Smith’s claim that he repaid most of the money using his gambling winnings.
Mark Stephens, Chief Investigator at the Insolvency Service, said: “Wesley Grainger-Smith removed vast sums of money from failing companies to fund his gambling at casinos.
“He cannot have thought he was entitled to recklessly gamble with company money, or that he was acting in the best interests of the four companies where he said he acted as a consultant.
“Directors, or those acting as directors such as Grainger-Smith, will continue to be prosecuted by the Insolvency Service if they deliberately and fraudulently put money out of the reach of creditors.”
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